World bank in Somalia interview

[CangeeroBear]

http://goobjoog.com/english/qa-world-bank-country-representative-on-the-banks-work-in-somalia/ Very interesting , especially the revenue increases throughout the country.

 

[DR OSMAN]

I've yet to see a country that developed from World Bank or IMF!!! All I see is poor countries that get poorer. They slap such a large interest rate, it seems the whole purpose behind them is to gain money on their own money lending not actually developing anywhere. It's a business sxb, it's about bottom line for them unless I can see a country that has actually benefited from them!!!

Simple way to develop. Govt Prints money and all actors in the country abide by that!!! This gives the currency legitimacy and stability. Get all the damn business men to bring their real hard currency together and store it as a reserve for the government. This will give the printed money actual real world value

Then eventually let the government start lending out money to the banks and telling them the interest rate they should charge out to borrowers, A low interest rate will ensure more borrowers and more development, a high interest rate will ensure less borrowers. They can adjust it towards the national policy goals of the government.

It's not hard to start your own economy sxb. You just need a pool where u bring people who have money together and they store it there be it govt reserve or even private banks and you tell them, their money will make money for them thru interest or flat rate profit margin(shariah style) for doing nothing other then lending to other actors in the market place. Everyone ends up a winner. Locals gain access to much needed loans to buy property, invest in small business, it creatres a ripple effect where the money that was loaned out has created more money as new actors start making money. The economy just grows and grows.

f*ck the international banks, we need to do it ourselves and get out of this aid dependence!!!

 

[DR OSMAN]

By the way sxb, the economy can be guided towards growth. Growth is can be achieved even at the smallest level of capital. But what u want to do is make sure it's growing, you can start with one leave on a branch but u want two leaves or three leaves in a certain time period. If we had a solid govt, it can be achieved because they set the rules in the market place. Don't believe this free market shit, yes it is free but u can make areas attractive and unattractive thru high or low interest rates lending.

If we dont want businesses investing in say some sector that is overflowing with supply like hotels, we can restrict it by making interest rates so high it's unattractive to them. But then we can make low interest rate borrowing on areas we think good growth can come from like manufacturing or any other area where lots of jobs can be created. As more jobs are created, the banks get more customers which will be typical 'I want a loan for a house' cuz they got income stream and automatically u have now affected residential areas as a side effect of good planning.

Banks now got residential plus business customers paying them back loans handed out, they grow as a result and their investors see good returns on their money, while our locals have income and they start effecting other sectors especially services areas like food, clothes, homes, etc. Those guys will now service them, it's like a bicycle spoke sxb, it just branches out. Once people around the world see that happening, they come along and start investing because people in the country actually have money to spend!!!

We honestly need a generation shift in the country. We still got the old-timer who are used to the old ways of basically going to the world bank and imf, they know no better cause that's the time period they come from!!! Let's just hope they pass over semi decent functioning govt. Once we have that and total control of every sector, the newer generation can end this stupid reliance on aid!!!

 

[DR OSMAN]

If we can't simply sit down and say to ourselves, we need a bucket and that bucket needs money so we can lend it out to people with ideas and job creation initiatives, then we really are stupid. If we can't sit down with business-men and say there a pool of 10 million people in the country, put your money into this bucket and you are going to get a good fixed return on every loan given out. Then we are really stupid. If we think money can't be grown and it needs to be sourced internationally, we are damn stupid. If we even start with 1 billion USD capital into a bucket, the banks can identify where to loan it, who to give it too based on the project its benefits and return to the economy as a whole, we are pretty fkn stupid!!!

Most of these things they teach in universities with their fancy words are very simple concepts that have been blown way out of porportion, you don't need a degree or phd to grow your countries economy!!!

It's as simple as this flow chart...Govt Prints Currency > Govt either uses Bank or itself as a reserve > calls on big business men to put their capital here safely for easy growth n safe growth > Bank Lends out to customers > customers build a business > Workers get a job > Workers start spending > Govt gets to tax every stage of that process and invests in their policy direction X 5 years review where u were compared to where u r now!!! Tweak and change depending on results. After 20 years if you haven't seen a radical change in the country, we must take god to court immediately as we would be the first case to defied reason n intellect!!!

We need to stop dealing with our neighbors be it arabs or africa other then in shared areas that effect us both like security. These people can affect us by using the africa card and muslim card to derail us from what's in the best interest of our nation. If we dealt with countries that share nothing in common with us, they can't use those cards and our eyes would remain purely interest based which is the best way. We are always suckered in with the africa or muslim card, we need to cut it immediately, we want no weaknesses!!! We need to set our politics in the constitution not leave with parties and individuals because it will mean after 5 years it never gets carried on further and someone else comes and wastes more time and its vicious cycle of having nothing completed.